Massive Wave of Crypto Liquidations Hits Market: $559M Wiped Out in 24 Hours

Market data from Coinglass reveals that the cryptocurrency sector experienced significant disruption as liquidations totaled $559 million within a single 24-hour window. The landscape of this market flush paints an interesting picture: traders holding long positions bore the brunt of the damage, with $490 million in liquidations, while short position holders faced $68.297 million in losses.

Bitcoin and Ethereum, the two largest cryptocurrencies by market capitalization, were particularly affected by the liquidation cascade. Bitcoin saw $126 million worth of positions closed out, whereas Ethereum experienced $156 million in liquidations—a notably larger figure that suggests heightened volatility in the second-largest network.

The sheer scale of this event is underscored by the number of affected traders: approximately 191,313 individual positions were liquidated across various platforms during this period. Most striking among these liquidations was a single massive blow on a certain exchange, where the BTC-USDT pair recorded a single liquidation event worth $33.9587 million, marking one of the largest individual clearouts in recent trading activity.

This liquidation event highlights the intense pressure facing long-position holders in the current market environment, reflecting broader volatility and risk management challenges within the crypto derivatives ecosystem.